Sotheby's Expects Q1 Auction Sales To Increase 40%

(RTTNews) - Auction house Sotheby's (BID), Wednesday said it expects to report first-quarter net auction sales increase about 40 percent to $730 million.

Sotheby's said the improvement is driven mainly by a $113 million, or 34 percent, increase in sales of Impressionist Art and Contemporary Art over the prior year.

"Sotheby's growth in sales and improved financial performance demonstrate that we are executing on our strategic plan and are well positioned to further build on the substantial momentum and record results we achieved in 2013," said Chairman, President and Chief Executive Officer Bill Ruprecht.